CBO Economic Outlook - Grim

[volinbham]

Congressional Budget Chief Offers Dim Outlook On Economic Growth, Jobs | Fox News

"The pace of the recovery has been slow since the recession ended two and a half years ago," Elmendorf said. "And we project that it will continue to be slow for the next two years."
The CBO believes that economic growth will be only 2 percent this year -- and an anemic 1.1 percent next year.

The office says that will leave the unemployment rate at 8.9 percent at the end of this year, well above current the current rate of 8.5 percent, meaning the jobless rate would be increasing at election time.

And in 2013, CBO estimates unemployment will be even higher -- at 9.2 percent.

Hmmmmm

 

[YorkVol]

So is this stagflation?

 

[volinbham]

So is this stagflation?

I don't think the inflation rate is significant enough to qualify but the growth rate certainly is.

(assuming these projections are valid)

 

[volinbham]

Interesting commentary on CBO methodology.

Are CBO Estimates Really The Gold Standard Of Accuracy? - Forbes

 

[n_huffhines]

I don't think the inflation rate is significant enough to qualify but the growth rate certainly is.

(assuming these projections are valid)

They've got enough money printed on reserve to qualify, I believe. Just depends if they put it into the market.

 

[DefenseisDesire]

Good news on the unemployment rate today, but there are still millions less in the employment force than years ago.

 

[MG1968]

Interesting commentary on CBO methodology.

Are CBO Estimates Really The Gold Standard Of Accuracy? - Forbes

Garbage In - Garbage Out

 

[gsvol]